Did you know that cash is being withdrawn at least 100 billion times from an ATM every year? And this number is actually growing 6% annually! But to handle all the cash we use, our global economy ‘wastes’ several hundred billion Swiss Francs per year. The United States of America alone spend more than $200 billion per year. Who pays for that? Well, mostly the banks. ATMs are very expensive for banks to install and operate. On top of that, there are the so-called ‘interchange fees‘, which banks pay to access each other’s ATM network. On the other hand, retailers face a similar struggle when getting paid in cash. They have to collect, count, reconcile and bring the cash back to the bank. This costs time and money. Now ask yourself: when was the last time you enjoyed to look for an ATM just to get cash? It gets even worse if you have to pay a fee to withdraw it! So, should we go cashless? Well, 85% of all global consumer payments are still done using cash. Therefore, it might still take five up to 30 years until we live in a cashless society. In addition, cash brings many benefits like privacy and universal acceptance. Most notably, a cashless world puts the poorest at risk of further exclusion, since two billion people still have no bank account.
Global Consumer Payments: 85% still cash!
At Sonect, we have created a solution that acts as the bridge between physical and digital cash. By leveraging the power of the sharing economy, we democratize the process of cash distribution. Thereby, we are eliminating a significant portion of the value chain. Now anybody can download our app and act like a ‘virtual ATM’. We have developed a location-based matchmaking platform that connects those who want to withdraw cash, with those who want to deposit cash – which typically is a local shop owner, like a pizzeria or bar. This way, the owner gets rid of cash and attracts new customers. Hence, increasing the shop’s revenue. The consumers can now withdraw cash with the click of a button, easy and everywhere – globally. And the banks? They can save up to 50% in running their ATM network and can get closer to their customer!
Click on one of one of the parties below, to learn more about the respective benefits and how Sonect works.
You have never used our app? Download SONECT now!
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